Fitch increases Greece rating

|By:, SA News Editor

Fitch has upgraded Greece's long-term debt from B- to B, or five levels below investment grade, citing the country's improving economic and fiscal prospects.

"The economy is bottoming out," Fitch said. "Economic data outturns have been encouraging and support our baseline expectation that the recovery will gradually take hold this year."

Fitch added that "capital market conditions have improved significantly, with large corporates and the sovereign able to re-access funding."

However, "political risk remains high," Fitch said.

S&P and Moody's rate Greece B- and B3 respectively.